All Forum Posts by: Michael Badin

Hi Jim,

Sorry I don't have a contractor for you in South Jersey, I am in Montgomery County PA. Who did you use when you were over here?  Did you like them, would you recommend them?

Thanks - Mike

Hard to give advise without knowing what is in your craigslist ads.  If you show us what you posted we would be better equipped to assist you.

Awesome job!  Hope all the repairs go as planned.  I look forward to seeing the updates.

I am no expert as I am still very new myself but it sounds like you may want to do a little more research before buying at an auction.  From what I have read they are very competitive and the questions you are asking seem to me to be something you should already have answered before buying a property.  Just my two cents.  

If you do buy the property I wish you all the success possible. 

I am very new as well but as I understand it the profit requirement is what ever amount you decide you want to receive for your portion of the wholesale. You subtract it along with the cost of repairs from the value of the property (Current value not ARV) so that your maximum offer allows for all costs associated with repair, has your fee included and profit for the flipper.

there is a lot of good advice above from investors much more seasoned than I but I would like to add my 2 cents. I was like you for years, always thinking there is more to learn (which there is) and afraid of the risks. It was doing research for over 10 years until I finally just took some real action. I only have one property with 9 units but I have learned so much more from that experience then most of my years researching. Why? Because it was revelant to me. Before having a property it was always, well I could do this or I could do that strategy. It gets you spinning with confusion and or fear.

Now I am not says to not to not research or do your due diligence, and BP is fabulous! The veteran investors are very willing and ready to help. To summarize don't make my mistake and waste 10 years of what if.  Welcome aboard!

Mike

Sounds good, I will be doing the same. I have only used USAA in the past but as I understand it they don't do commercial loans, or investment properties of any kind, only primary residence. They were great for my HELOC though.

@James Masotti

Awesome Thanks!  This site is great investors helping investors.  Thanks again to all!

 Thanks for the lead, will definitely check them out. Has anyone ever used the Navy Federal Credit Union, I think there is a branch in Horsham, PA I was thinking of trying there also.

Sounds pretty good to me but I am far from a veteran at this.  I would also be interested to learn what some or the more seasoned investors have to say.

How did you find the property, was it MLS, driving for dollars, yellow letters? Is the property price the current going rate for the area or are you getting at a discount? If discounted, what is the sellers motivation?